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NAV Backoffice is a pioneer in providing sophisticated high-end accounting services with over $125 billion AUA. Below is a snippet from a recent interaction between IT-Voice and Mr. Anil Agrawal, Managing Director, NAV Backoffice:
Prateek: Please tell us about the organization, services, and clients.
Anil Agrawal: Back Office IT Solutions Private Limited (BOIT) is engaged in providing IT Enabled Services in the domain of accounting. It includes various accounting functions such as Computation of Daily NAV (Computation of Net Asset Value) accounting, Monthly NAV accounting, fund taxation services, Audit support, and Draft Financial Statements Preparation, processing of capital activities, preparation of wires, reconciliation of bank transactions, and other similar activities. Broadly, services performed by the Company are in the nature of accounting, fund administration, transfer agency, and support in financial & regulatory reporting. NAV ranks among the top 10 global hedge fund administrators by the number of funds, and services more than $125 billion AUA. NAV has grown organically throughout its 30-year history and provides unparalleled service to its more than 1600 clients across the globe, as evidenced by a remarkable 99% client retention ratio. All operations of NAV are ISAE 3402 Type 2 certified.
Prateek: What will be the key strategies of the organization in the coming year for expansion?
Anil Agrawal: NAV Backoffice has been on a continuous hiring spree for the last two years. We have grown from 750 in March 2020 to 1600+ in December 2021. The fourth building for the increasing physical capacity will be inaugurated in early 2022 and will have extensive modern world-class features like:
- High-end data center with high capacity CISCO Blade servers and precision air-conditioned smart racks
- Latest technology radiant cooling air conditioning system in the complete building
- Audiovisual facility meeting & conference rooms
- Ergonomically designed work stations for comfort working of staff
5. AQI (Air quality index) monitoring devices to ensure fresh air in the building
- Environmental protection systems to ensure less emission of harmful gases
- Solar Panels for green energy
- Water harvesting
- Plantation in the whole building including small plants at work desks
- Sensor-based operating systems to save light when not in use
- World-class amenities to staff like modern cafeteria, games facility, both indoor & outdoor games, activity rooms for guitar, Zumba, etc
- 12. Crèche facility for female staff etc
Prateek: How was the company’s overall performance last year?
Anil Agrawal: The company outperformed last year both in terms of new business as well as adding more staff to its team. The staff strength got more than doubled despite the worst ever pandemic, and the new business kept on growing. Even in a complete lockdown situation, the company with the help of a work from home (WFH) facility, was able to fully serve & satisfy its existing & new clients and received continuous appreciation from them. We expect continuous growth in business in the coming year also.
Prateek: What is NAV Backoffice’s vision and mission for doing CSR activities every year?
Anil Agrawal: Like most CSR activities by NAV Backoffice, this campaign “Hum Layenge Khushiyan” is based on the idea of doing something for our home city – Jaipur. The last one and a half years have been life-wrecking for many in terms of health and finances. As life is slowly getting back to normal for everyone, NAV is thinking about those who are struggling to get back to normal.
The campaign presents a unique, decentralized model of giving back to society through the employees of NAV BackOffice who get INR 4000 each and decide on the cause they want to work for. Starting September, NAV Back Office launched a unique campaign to mount humanitarian assistance to common people affected in any way by COVID-19. The campaign leveraged the 1500-strong employee base of the company. The company earmarked an amount of INR 60 lakhs for this campaign in which each team donated money or goods to people, supporting them in education and medical treatment, among others.